Barclays, holding an okay record in banking was ready to reconsider when they appointed Mike Bagguley as their new CEO in 2015. It was during this time that Barclays found itself in a period of transition, and one that the bank wasn’t sure it was ready for. Having worked for the bank in other capacities, Mr. Bagguley seemed a good choice. His experience prior to this promotion was in macro markets, determining how the bank could have a greater impact and opportunity in terms of interest rates, commodities, and even with foreign exchange. As the COO of macro markets, he would soon get his chance to see what happens when an investment bank is restructured.
The chief executive of the bank, Tom King was ready to make the move regardless of current trends, hopeful that all would be well inside the bank no matter the next major decision of the bank. The bank’s primary goal was to find ways to cut their expenses and move into greater profit. Tom King was anxious to promote Mike Bagguley, with the hope that he would be able to aid in the move to increase the revenue of the bank as well as deliver a new clear cut strategy for a rebirth. Aligning infrastructure was only just a part of the battle, and it was through the coordination of key people and a strategy that things would turnaround quickly.
As king revisited the results of the third quarter, he reiterated to the staff that they were making the right decision by moving Mike Bagguley into place. His prior experience with revamping macro banking and investments was prime experience for his new position for revamping the entire bank itself. As the bank was drawing up new plans, they were cutting back on investing just a tad to make room for what matters most. This would mean taking care of their customers and acquiring new ones. Mike Bagguley had his work cut out for him, but he was ready to take on anything they brought his way to help the bank succeed.